| Jan. 30 2008 at 10:06 PM |
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Great post! This magazine was ahead of the curve and needed the marketing push from the local power brokers.
We are committed to helping sell your home or investment property more quickly and for a higher sales price. At ReStaged2Sell, we are trained to properly use lifestule selling techniques and color psychology to instantly transform every space into one that attracts the most interest from potential buyers.
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| Jan. 31 2008 at 6:52 PM |
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The article is fine, the heading of this thread 'could' in some small way, be misleading.
The magazine as a product may have been given away, but the real revenue generation of the 'business' was the sales in advertising which was not given away.
For budding entrepreneurs, be careful how you interpret what was excellently done in this instance.
I am, and have always been a strong advocate of 'you need to give to get,' but you don't give away the farm. The sticker price on the cover of the magazine was irrelevent. The advertising charges, I imagine, were less than irrelevent.
Give away free tips booklets, allow people to subscribe to your monthly email newsletter for free, and gain great insights from your wisdom and expertise. The psychology being, "Wow, if I am getting this much value for nothing how much more would I get if I hired this person?"
You do not give away for free your core business stream. If you own a coffee shop; you don't give away free coffee, but you might offer a free cup after every 5 purchases. If you are a lawyer, you may give away a free booklet on home-buying tips and traps, but you wouldn never do the conveyancing for free. You get the point.
Rgds,
Ric
Ric Willmot
Executive Wisdom Consulting Group
www.ExecutiveWisdom.com
info@executivewisdom.com
Blog: www.ricwillmot.com
Founder of the Society for Executive Wisdom
www.ExecutiveWisdomSociety.com
Strategy for Professionals: www.strategyforprofessionals.com
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| Feb. 02 2008 at 7:31 AM |
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Good insight Rick.
I like the idea of a Tips Booklet. I am making that a project of mine for the next month and then send it out to my data base.
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| Feb. 03 2008 at 9:20 AM |
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Great Ideas.! We are trying to us some of those ideas at our job site Mployd.com
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| Feb. 20 2008 at 5:22 PM |
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Great article, merle norman got started that way, now a billion dollar business. You can spend a fortune on advertizing, but that doesn't mean people will buy, so why not give it away first, at least you know your product, mag etc...Is going to go where you want it too. right ON Jerry
Namaste, Dolby
www.tapestriesntassels.com
www.mysticsoulscafe.com
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| Apr. 20 2008 at 1:17 PM |
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I have been going through all postings that may be helpful with the official launch of my sunsafe clothing line. I read the postings and article on Spanx; Sara Blakely gave her product away and Ocean Drive magazine gave his magazine away. Is it feasible and cost effective to give a piece of clothing away, which would cost more than Spanx or a magazine?
Colleen Dougherty Bronstein Designs
Sun Safe Designer Clothing
Visit: www.sunsafedesignerclothing.com
www.bronsteinartwork.com
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| Apr. 21 2008 at 9:04 AM |
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cdbartwork wrote: Is it feasible and cost effective to give a piece of clothing away, which would cost more than Spanx or a magazine?
Only if you can afford to do so. Retail stores do it all the time with items known as "loss leaders." A loss leader is an item offered by a retail store at or below cost to attract customers.
Using loss leaders as a marketing strategy has been proven to help gain new customers and increase return visits. People like a bargain and will likely return to your store.
However, there's a caveat to all of this. While you can be successful with loss leaders, there are some risks involved in using this process. If done incorrectly, loss leaders can actually cause your business to lose money.
First of all, if you start out with a loss leader, customers may come to expect your prices to be that low all the time. Think about the image of your business. Do you really want to be known as a discount merchant?
Also, not all manufacturers and suppliers will allow their products to be priced under their suggested retail price or less than what their other dealers are selling the same item for. In addition, it is forbidden to sell products below cost in some states.
My advice: Consider using loss leaders only if you're absolutely certain that you can make up the lost profit with sales of other products or services.
Dale King
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| Apr. 21 2008 at 8:27 PM |
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Dale:
Thank you for your comments, interesting points you made.
Colleen
Colleen Dougherty Bronstein Designs
Sun Safe Designer Clothing
Visit: www.sunsafedesignerclothing.com
www.bronsteinartwork.com
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